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At a "time of growing erosion and trust" and efforts "to increase political control over markets," CFTC Chair J. Christopher Giancarlo asserted the importance of independent financial regulation to free-market capitalism and individual liberty. In remarks at the Global Financial ...

The CFTC final rule amending the definition of "swap dealer" was published in the Federal Register. The rule is effective as of November 13, 2018. As previously covered, the final rule sets the de minimis aggregate gross notional amount threshold level at $8 billion in swap-dealing ...

CFTC Chair J. Christopher Giancarlo urged the CFTC and other market regulators to adapt to modern digital markets and transform themselves into quantitative-driven agencies. In an address at FinTech Week, Mr. Giancarlo urged the CFTC to improve its response to the increasing centrality of data in ...

The CFTC voted to adopt final rules to amend the swap dealer de minimis threshold and to propose changes to swaps trading rules. Swap Dealer De Minimis Amendments. The final rules amend the definition of "swap dealer" in CFTC Rule 1.3 in order to set the de minimis aggregate gross ...

The CFTC Division of Swap Dealer and Intermediary Oversight (the "Division") granted relief from the requirements of CFTC Rule 30.7 to a futures commission merchant ("FCM") and an investment firm incorporated under the laws of England and Wales, and which is a member of the ...

CFTC Chair J. Christopher Giancarlo warned European Union regulators that the agency does not approve of and will oppose any proposed cross-border legislation that is conflicting or overly burdensome. In remarks at the Futures Industry Association Expo, Mr. Gianacarlo warned that, if the EU imposed ...

CFTC Chair J. Christopher Giancarlo highlighted developments in the agency's enforcement program. In remarks at the Economic Club of Minnesota, Mr. Giancarlo declared that regulatory enforcement at the CFTC "is a priority and a bipartisan one," and that "there will be no pause, ...

Introduction Good afternoon. Thank you for the leadership of the Economic Club and for the invitation to speak here. It is an honor. The Economic Club, in conjunction with the great economics department at the University of Minnesota, has made Minneapolis a center of economic thought. Through ...

The CFTC and the Monetary Authority of Singapore ("MAS") signed an agreement to facilitate cross-border cooperation on FinTech innovation. This is the second cooperation agreement that the CFTC entered into with a non-U.S. authority. The Cooperation Arrangement on Financial Technology ...

CFTC Chair J. Christopher Giancarlo emphasized the need for the CFTC to act with deference toward non-U.S. markets and offered recommendations on a new approach to cross-border swaps reform. In remarks delivered at FIA Japan, Mr. Giancarlo said that his intention to update the CFTC's cross ...

It is time to recognize the systemic risk to the global financial system of dividing global markets for institutional commercial risk transfer into a series of limited and divided trading pools based on the inconsequentiality of corporate nationality. The time has come to complete the important ...

CFTC Chair J. Christopher Giancarlo called on European Union ("EU") regulators to "commit to an equivalence determination process that focuses on achieving comparable regulatory outcomes and not rule-by-rule exactitude." In a speech at the Eurofi Financial Forum, Mr. Giancarlo ...

Activities:

Cross-Border, Jurisdiction: Fed / Local or by Geography, Regulatory Co-operation

Good evening. It is my great pleasure to be here again at Eurofi. I wish to thank David Wright, Didier Cahan and Marc Truchet for organizing once again a great conference. Thanks also to our Austrian colleagues for their gracious hospitality. I am most pleased to be with you and address the leaders ...

CFTC Chair J. Christopher Giancarlo offered recommendations for rethinking the agency's application of its swaps rules to cross-border activities. He said he intends to direct the CFTC staff to develop proposed rules governing the cross-border application of the CFTC swaps rules. In a speech ...

Eight years ago, Congress created a new regulatory regime for the US swaps market[1]. Under this framework, authority over US swaps was divided between the SEC and the CFTC, with the SEC given primary authority to regulate the security based swaps market and the CFTC given authority over swaps. ...

Over the past decade, the financial industry has made substantial progress in strengthening global market stability and enhancing resilience. Financial firms have deleveraged significantly and banks have strengthened their capital structure. During this same period, supervisors have dramatically ...

The CFTC proposed to exempt from mandatory clearing certain swaps entered into by bank holding companies, savings and loan holding companies, and community development financial institutions, subject to certain conditions specified in the proposed rules. The conditions address the size of the ...

The CFTC proposed amendments to codify policies and procedures for organizations located outside of the U.S. to obtain an exemption from registration as a derivatives clearing organization ("DCO"). Currently, foreign DCOs seeking such an exemption are required to apply for no-action ...

I am grateful to the City of London Corporation and especially Catherine McGuinness for this opportunity to speak to you this evening. Nearby, in the streets and alleys, since the time of the Romans, this part of London has been a center of commerce. It drew the world’s products with a powerful ...

CFTC Chair J. Christopher Giancarlo assessed the challenges facing the CFTC and the United States in the global competition as a center for the derivatives markets. In an address at the West Texas Legislative Summit, Mr. Giancarlo warned that the CFTC must be proactive if the United States is to ...

Introduction I want to thank House Agriculture Committee Chairman Mike Conaway for the opportunity to be with you today. His leadership and strong support for agriculture and energy derivatives markets have been important…really vital … for our work. I am especially grateful for his trust in my ...